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Saudi energy minister: oil producers have consensus on cooperating after 2018

Published 01/21/2018, 05:46 AM
Updated 01/21/2018, 05:50 AM
© Reuters. Saudi Arabia's Oil Minister al-Falih talks to journalists after a news conference after an OPEC meeting in Vienna

MUSCAT (Reuters) - OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires, Saudi Arabian energy minister Khalid al-Falih said on Sunday.

If oil inventories increase in 2018 as some in the market expect, producers may have to consider rolling the supply cut agreement into 2019, but the exact mechanism for cooperation next year has not yet been decided, Falih said.

© Reuters. Saudi Arabia's Oil Minister al-Falih talks to journalists after a news conference after an OPEC meeting in Vienna

He was speaking at a news conference after a meeting of the joint ministerial committee which oversees implementation of the cuts. The committee includes Russia and Kuwait, among other countries.

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